Abbey boss increases remuneration

Charles Gallagher of Abbey

Ellie Donnelly

The chairman of listed builders Abbey increased his remuneration in the company’s last financial year to €1.3m from €1.2m the prior year.

Executive chairman Charles Gallagher was paid salary and fees of €1,340,000 and received benefit in kind of €27,000.

It comes despite profit before tax falling to €32.9m from €53m during the period, as trading in the three months to the end of April was significantly impacted by the Covid-19 pandemic.

The company’s two other executives, Lorenzo Fraquelli and Nick Collins, also saw their remuneration increase.

In the case of Mr Fraquelli, the combination of salary and benefits in kind increased to €540,000 from €491,000.

Mr Collins had his remuneration increase to €293,000 from €284,000.

Gallagher Holdings Limited, which owns the majority of Abbey, has increased its share in the company to 94.02pc.

This percentage shareholding is based on the latest number of shares in issue of 20,907,610 ordinary shares following recent share buyback transactions.

Abbey's revenue from continuing operations tumbled to €182.1m in the last financial year from €230.9m in the previous year.

The construction firm said it completed 490 sales in the year to the end of April, with 405 of those in the UK and 57 in Ireland. The remainder were in the Czech Republic.

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